As reported here in the Roanoke Times and here in the Daily Press, the prospect of being invited to join the ACC has got them scratching their heads at Virginia Tech, but the thinking seems to be that they probably could live with a bit of egg on their faces (if it meant they ditch their friends in the Big East but get to stay in the BCS).
The Washington Post reports here that Virginia Tech will decide whether to go for it with the ACC, as soon as today. The Richmond Times-Dispatch reports here that Virginia Tech has already told the ACC it is willing to listen to whatever the ACC has to say. Times-Dispatch columnist Bob Lipper has this assessment of the pros and cons for Tech. The Roanoke Times' Doug Doughty also writes here that Tech should go for it.
The Virginian-Pilot has this excellent story on the role of Virginia Governor Mark Warner in making sure that U.Va. president John Casteen took care of Virginia Tech in his dealings with the ACC on expansion.